8 May 2015
USD/JPY remains in high 119's in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 119.76 with a high of 119.78 and a low of 119.68.
USD/JPY is in consolidation of the bid tone of overnight price action where the Yen was shunned on a stronger greenback and performance of late, taking the major back up towards the 120 handle before stalling at 119.80 territory and typical resistance area.
The BoJ minutes were released before the Tokyo open, noting that Japan's economy has continued its moderate recovery trend while "Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent,"
USD/JPY is technically offers a mixed outlook. Analysts at UOB Group explained that they hold a neutral view now and they expect this pair to trade between 118.40 and 120.50 for the next 1 to 2 weeks. Levels are at 120.82/84 resistance being the December 2014 and the April high and beyond there we have the 14 year downtrend at 122.07. To the downside, the 118.33 March 26 low remains familiar ahead of the February low at 116.64.
USD/JPY is in consolidation of the bid tone of overnight price action where the Yen was shunned on a stronger greenback and performance of late, taking the major back up towards the 120 handle before stalling at 119.80 territory and typical resistance area.
The BoJ minutes were released before the Tokyo open, noting that Japan's economy has continued its moderate recovery trend while "Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent,"
USD/JPY is technically offers a mixed outlook. Analysts at UOB Group explained that they hold a neutral view now and they expect this pair to trade between 118.40 and 120.50 for the next 1 to 2 weeks. Levels are at 120.82/84 resistance being the December 2014 and the April high and beyond there we have the 14 year downtrend at 122.07. To the downside, the 118.33 March 26 low remains familiar ahead of the February low at 116.64.